TPM:
But one name on the Endangered Executives list moved closer to gilded retirement, according Washington Post report that the Treasury Department is hammering out a bankruptcy plan for the automaker that would replace CEO Bob Nardelli with the management of the Italian auto company Fiat and hand over majority ownership to the company's retirement fund, in exchange for the union's agreement to cut in half the $10 billion it is owed by the company.
Chrysler sales were down 39% in March from the year earlier, as compared with 35% at GM, whose CEO Rick Wagoner was asked by the Obama Administration down last month. It's about time: while Lewis and Wagoner both had/have broad bases of support, Nardelli, who pulled down a high nine figure pay package while slashing veteran workers as CEO of Home Depot, doesn't appear to have much at all.
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